Crédit Agricole CIB founding signatory of the Poseidon Principles to incentivize maritime shipping’s decarbonisation
On June 18, Crédit Agricole CIB signed the Poseidon Principles along with 10 other major shipping banks. This pioneering initiative will introduce and measure climate considerations into future lending decisions to incentivize maritime shipping’s decarbonisation.
The Poseidon Principles are a global framework for quantitatively assessing and disclosing the climate alignment of financial institutions’ shipping portfolios. They are applicable to shipping banks, lessors as well as export credit agencies, and apply to all credit products secured by vessels that fall under the purview of the International Maritime Organization (IMO).
The Poseidon Principles are consistent with the strategy on the reduction of greenhouse gas (GHG) emissions adopted in April 2018 by IMO member states. This strategy prescribes that GHG emissions from international shipping - currently 2.0% of global emissions - must peak as soon as possible and that the industry must reduce the total annual GHG emissions by at least 50% by 2050, while, at the same time, pursuing efforts towards phasing them out entirely.
"The Poseidon Principles are a pioneering initiative by international shipping banks, one of the key stakeholders of the maritime transport sector, to support the transition to a low-carbon and climate resilient economy.
The decarbonization of our Shipping industry is a fundamental requirement but also a major challenge that can only be tackled through such coordinated efforts. As a global leader in sustainable banking and shipping finance, Crédit Agricole CIB welcomes the opportunity to join and participate in the Poseidon Principles.”
Thibaud Escoffier, Global Head of Ship Finance
With this new initiative, Crédit Agricole CIB strengthens its commitments to the energy transition. Since 2003, the Bank has been involved in numerous international reflections on the climate and assists its clients in their energy transition projects.
To find out more about our energy transition commitments and solutions, see our dedicated brochure.